For immediate Release: July 23, 2013
Extreme Summer Weather Paying Dividends to the Armada Insurance Services division
Armada Insurance Processing Flood Damaged Total Loss Claims at Record Levels
Mississauga, Ontario, July 23, 2013 – Armada Data Corporation’s Insurance Services Division General Manager, Paul Bhinder (TSX.V: ARD) reported today that as a result of the recent flooding in Alberta and The Greater Toronto Area, the Insurance Services Division is not only on pace for their best July in the division’s 10 year history but their best month ever in terms of total loss claims processing. “These processing records will be reflected in the Q1 filings due in October but will impact the company almost immediately” suggests Mr. Bhinder.
Armada Insurance Services is contracted by several of Canada’s largest Insurance Companies to process their total loss claims that contain the Waiver of Depreciation endorsement; this endorsement entitles the insured to receive what they paid for their vehicle when it was new or what the vehicle would cost today (same make and model, similarly equipped). The endorsement is normally available for two years after the new vehicle acquisition as it specifically protects consumers/insured’s from being a victim of significant market value depreciation. Armada Insurance uses the powerful CarCostCanada.com vehicle pricing and incentive database to supply their client (the Insurance Company) with the best available price on the replacement vehicle; this price is often significantly less than what the insured paid for their vehicle.
Bhinder went on to say “I am pleased to report these positive earnings although the loss of personal property and some lives was devastating”. Bhinder indicated that since taking over the division almost a year and a half ago, he has managed to improve the relationships that were established between Armada Insurance and the Insurance Company clients; “These current as well as previous results were primarily driven by our ongoing assistance with the disaster relief efforts by our clients both in Ontario and Alberta. We anticipate the strong earnings numbers to continue in the coming months as we continue to grow the insurance services operation.”
About Armada Data Corp
Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients. Armada’s information and marketing abilities have enabled the company to leverage that experience into the food and beverage industry by its acquisition of 90% of the issued and outstanding shares of The Big & Easy Bottle Brewing Company Inc. The Big & Easy Bottle Brewing Company Inc. owns 100% of Mister Beer Inc., which invented, produces and markets the unique “microbrewery in a bottle” beer-making kit.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
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Armada Data Corporation
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